Reports in sections of the Trinidad and Tobago media earlier this week assert that the Financial Intelligence Unit of Trinidad and Tobago (FIUTT) tagged a total of 1,831 procedures deemed to have fallen into the realm of Suspicious Transaction and Suspicious Activity and that these were reportedly worth some TT$27 billion. The transactions are said to have occurred over 2019 to 2020.
What is reportedly the highest number of such transactions chalked up by the country’s FIU in its ten-year history is being attributed to, among other things, “increased fraudulent activity” including occurrences “resulting from the COVID-19 pandemic and demonitisation of now out-of-circulation T&T $100 notes.”
The T&T FIU is reporting, however, that the country recorded an 88% decrease in incidents of suspicious transactions/activities in areas related to terrorism financing.
During the 2019-2020 reporting period, the FIUTT reportedly received 1,831 Suspicious Transaction Reports/Suspicious Activity Reports (STR/SAR) the most it has received over its ten years of existence and an 80 per cent increase from the previous reporting period.
The FIUTT states that, “When compared to the previous reporting period, the significant increase in both the number and value of these attempted suspicious transactions can be directly attributed to an increase in fraudulent activity associated with persons being scammed with fake/fraudulent foreign contracts to engage in business expecting millions of US dollars or Euros to be wired to their local bank account.”
The COVID pandemic, the T&T media reports say, resulted in an increase in fraudulent activity being perpetrated against people. Transactions that were flagged and stopped included numerous third party transactions being attempted between unconnected parties under the guise of payments for “gifts,” “blessings,” or “sou-sou,” a report in the Trinidad and Tobago Guardian of 5th March says.
